MANILA — Local share prices surged to record level anew above the 8,100 mark on Friday, tracking the rise on overseas markets.
The barometer Philippine Stock Exchange index (PSEi) posted its 27th record close for the year, advancing 74.79 points or 0.93 percent to 8,127.48 from Wednesday’s 8,052.69.
The Philippine market closed Thursday in observance of “Araw ng Kagitingan” or Day of Valor.
”The market’s recent move suggests that the risks have dissipated back into the background,” said Jun Calaycay, analyst at Accord Capital Equities Corp.
Calaycay said the United States Federal Reserve has clearly marked it will begin to raise rates soon; while Greece appears to move closer to striking a deal with its creditors for the release of a final tranche from the €340 billion rescue fund.
European markets were uniformly higher by more than one percent.
United States stocks closed Thursday trades with gains. The Dow Jones Industrial Average added 0.31 percent and the broader S&P500 gained 0.4 percent.
Almost all counters surged significantly.
Only the mining and oil and industrial sectors were in negative territory.
Volume of transactions reached 1.51 billion shares valued at PHP8.52 billion.
Advancers won decliners, 101 to 85, while 45 issues were unchanged.
The day’s most actively traded issues were led by SM Investments Corp., Universal Robina Corp., Philippine Long Distance Telephone Company, Ayala Land Inc. and Metropolitan Bank & Trust Company. (PNA)